Opportunities and Challenges Blockchain-based Smart Contracts in Indonesia

Abstract

Information systems and technology has changed the world in every aspect. One of them is how a contract is made. Smart contract technology has offered a new, efficient, and secure way to automatically execute the terms of the agreement with no third-party to perform such contracts. The objective of this paper is to conduct a systematic overview of how the smart contract can bring opportunities and also challenges to Indonesia. We propose this paper due to the benefits Indonesian businesses will have by implementing smart contracts. Apart from the benefits, in Indonesia, there are still very few journals discussing smart contracts implementation. In this paper, there will be our findings of how smart contracts are utilized currently in industries, the challenges, and the current smart contract in Indonesia. The result will be used as guidance when considering, planning, and applicating smart contracts in Indonesia.